Lahore Stock Exchange (G) Limited has approved the applications for formal listing and quotation of the Units of HBL-Islamic Money Market Fund and HBL-Islamic Stock Fund (Open end Funds managed by HBL Asset Management Limited). The Funds will be quoted under "Open-end Fund" sector of the Ready Board Quotation of the Exchange w.e.f. Wednesday (today).
A spokesman of the Lahore Stock Exchange (LSE) said on Tuesday that the investment objective of the HBL-Islamic Money Market Fund is to seek high liquidity, competitive return and maximum possible preservation of Capital for investors by investing in low risk Shariah Compliant securities.
The performance benchmark for HBL-Islamic Money Market Fund is an average of most recently published 3-Month deposit rates offered by any three Islamic Banks. The initial price per unit of the Funds is Rs 100. CDC is acting as a Trustee for this Fund. The IPO for Islamic Money Market Fund was held on May 9 and 10. According to him, the investment objective of the HBL-Islamic Stock Fund is to achieve long-term capital growth by investing mainly in Shariah Compliant equity securities. The performance benchmark for the HBL-Islamic Stock Fund is KMI-30 (KSE-Meezan Index-30). The initial price per unit of the Funds is Rs 100.